The used electric vehicle market is experiencing a significant shift as Hertz accelerates its efforts to sell its previously rented EVs. Initially aiming to sell 20,000 used electric vehicles by the end of 2024 at “no-haggle” prices, Hertz has since increased that number to 30,000, with average prices hovering around $25,000. Now, with the year-end approaching, prices are dropping even further.
Hertz’s website showcases impressive deals on a variety of used EVs. Used Teslas are listed for under $20,000, while Chevrolet Bolt EVs are priced below $14,000, and Hyundai Kona Electric SUVs are available for under $13,000. These vehicles may also qualify for the current $4,000 federal tax incentive for used EVs. However, potential buyers should be aware that the incoming Trump administration has indicated intentions to end federal EV tax credits.
Hertz offers “certified” EVs that undergo a 115-point inspection and come with a 12-month/12,000-mile limited powertrain warranty. Extended vehicle protection plans are also available. Furthermore, buyers have a seven-day or 250-mile return window, providing added peace of mind.
Hertz’s journey into electrifying its rental fleet began in 2021 with substantial orders for Teslas, Polestars, and GM models. The lower maintenance costs associated with EVs initially made this a strategic move. However, unforeseen price cuts on new Tesla models significantly impacted the resale value of Hertz’s used EV fleet. By 2023, the accelerated depreciation rate became unsustainable, leading to the current aggressive sales push.
This situation presents an opportunity for buyers seeking affordable used EVs. The combination of Hertz’s competitive pricing and potential tax incentives makes these vehicles an attractive option. As Hertz continues to adjust to the fluctuating EV market, prospective buyers should monitor these developments closely to capitalize on potential deals.
